LNG

AES Corp. of the US has closed sell-downs of minority stakes in its liquefied natural gas and power businesses in the Dominican Republic and its AES Colón business in Panama for proceeds of $338 million.

“This includes the transactions announced in September for proceeds of $179M after purchase price adjustments at closing, as well as sell-downs of additional stakes in the businesses through the expansion of existing partnerships with Grupo Estrella and Grupo Popular's subsidiary, AFI Popular, through one of its closed-end funds for $159M,” said a statement.

Under these deals AES sold 20 percent of its businesses in the Dominican Republic and 35 percent of AES Colón in Panama.

The AES assets in the Dominican Republic include an LNG regasification terminal with a 160,000 cubic metres capacity storage tank.

They also include the AES Andres 319 megawatts combined-cycle gas-fired power plant, the DPP 328 MW CCGT power plant as well as an additional 150 MW of solar and wind power plants.

The AES Colón assets comprise a 381MW CCGT plant with an adjacent regasification facility that has an LNG storage tank with capacity of 180,000 cubic metres.

AES, which is based in Arlington, Virginia, and is listed on the New York Stock Exchange, said it would  continue operating its businesses in the Dominican Republic and Panama with reamaining ownership interests of 65 percent in each business.

“We are very pleased to announce the closing of these transactions and to continue the great progress on our expanded and accelerated asset sale proceeds target,” said Stephen Coughlin, AES Executive Vice Present and Chief Financial Officer.

Various deals

“These transactions include the closing of the two previously announced sell-downs, as well as the sale of an additional 10 percent in the Dominican Republic and an additional 15 percent of AES Colón in Panama,” Coughlin added.

The deals that were closed included the sale of 20 percent of AES's businesses in the Dominican Republic with 10 percent going to Grupo Popular's subsidiary, AFI Popular, through one of its closed-end funds.

A further 5 percent was bought by Grupo Linda and 5 percent has gone to Grupo Estrella.

The sales of 35 percent of AES Colón included 20 percent to Grupo Linda and 15 percent to Grupo Estrella.

Since its third quarter 2023 earnings in November, AES has also announced the signing of an agreement to sell its Mong Duong 2 coal facility in Vietnam.

It has additionally sold down its stake in Fluence, a products and services company of Germany's Siemens, from 33 percent to 29 percent, effectively monetizing 12 percent of its stake for proceeds of $160M.